Backpack Launches Zero-Fee Channel to Sell FTX Claims

Backpack has launched a dedicated channel that lets users sell their FTX bankruptcy claims directly on its platform. The process includes identity verification, claim validation, offer confirmation, and settlement, all completed in one place.

Importantly, Backpack charges zero fees. The company aims to provide a neutral, non-profit bridge between FTX claim holders and third-party buyers.

A Personal Mission Rooted in Loss

Backpack knows the sting of FTX’s collapse firsthand. The exchange lost $14.5 million when FTX went bankrupt in 2022. That loss helped shape this new initiative.

The team says they launched the claim channel to support others affected by the fallout. “We understand the pain,” they wrote on X. This effort is about more than business; it’s personal.

A One-Stop Solution for Selling Claims

Users can now complete the full FTX claims sale process entirely within the Backpack platform. The flow includes identity verification, claim validation, offer confirmation, and final settlement. Buyers and sellers connect directly without relying on third parties. 

There are no hidden cuts, middlemen, or platform fees. Backpack has made it clear that it will not profit from this initiative. The team hopes this user-first approach will set a new standard for how crypto platforms support affected users.

Know the Risks Before You Sell

Backpack also issued a key reminder: selling FTX claims is entirely optional. Holding onto claims may lead to higher compensation in the future.

Claims trading carries opportunity costs. Once sold, you give up your rights to potential recovery from FTX’s bankruptcy process. Backpack urges users to make informed decisions based on personal judgment.

Restoring Trust After FTX’s Collapse

FTX’s collapse shook crypto confidence and froze billions in user funds. The fallout created a secondary market for bankruptcy claims. It is often dominated by aggressive buyers looking to profit off others’ losses. Backpack’s fee-free model offers a more ethical alternative. The company says this is part of its effort to restore faith in crypto platforms.

Backpack’s move adds new momentum to the shift toward transparency and user protection in post-FTX crypto. It also sends a signal to the industry: platforms must do more than recover. They must actively support the users left behind.